UK’s Financial Conduct Authority calls for regulatory sandbox applicants
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox.
As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition and growth in financial services.
Firms can now apply for the second “cohort” of the regulatory sandbox on the FCA website. The application period will close on 19 January 2017.
Those applying for this second group should have a “significant UK nexus” (i.e. connection); and a partner able to test their proposition (e.g. a firm for which the applicant can be an outsourced technology provider).
The first cohort of the regulatory sandbox closed to applications on 8 July 2016.
The FCA says it received a total of 69 applications from a diverse range of sectors, geographies and sizes. 24 applications were accepted, including early stage start-ups, challengers and incumbent firms.
The FCA has been an eager beaver in the fintech space this year. In this month alone, it has been very vocal.
It said there is weak price competition in a number of areas of the asset management industry.
Launched a second TechSprint event to focus on “unlocking regulatory reporting”.
Said it will take action to improve competition in the current account market.
It also wants more access to financial services and for fintech to show a greater understanding of the UK’s ageing population.